Crown Resorts Cuts Over 1,000 Jobs Across Australia
Crown Resorts, operator of one of Australia's largest casinos, has announced the reduction of over a thousand positions spanning Melbourne, Perth, and Sydney. The workforce reduction primarily impacted employees in Australia's major urban centers, with corporate positions in Sydney notably affected.
Citing the nation's economic downturn in the gambling sector and increasingly stringent regulatory measures, Crown Resorts attributed the decision to the challenging operating environment. Chief Executive Officer Ciaran Carruthers highlighted factors such as a substantial decline in overseas tourism, reduced foot traffic in city centers, and regulatory restrictions on gaming activities in Sydney and Melbourne.
The announcement comes amid a tumultuous period for the operator, marked by significant regulatory scrutiny and financial penalties. Last summer, Crown Resorts incurred fines amounting to $294 million following allegations of breaching anti-money laundering and counter-terrorism financing laws, underscoring the mounting challenges faced by the company.
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